On August 16, 2022, President Biden signed into law the Inflation Reduction Act (“IRA”) of 2022. While there has been skepticism about the legislation’s ability to reduce inflation, there is little-to-no doubt that the financial incentives included in the bill provide the most significant resources in U.S. history for businesses to make climate-friendly investments.
Topics: Takeaways, brixey and meyer, Tax, Tax Team, Tax updates, ESG, Inflation, Inflation Reduction Act
On August 12, 2022, the House passed the Inflation Reduction Act of 2022, and President Biden signed the bill on August 16, 2022. The expectation is a reduction of the deficit by $300 billion with various revenue raisers and spending on climate, clean energy and healthcare.
Topics: Takeaways, brixey and meyer, Tax, Tax Team, Tax updates, Inflation, Inflation Reduction Act
The Financial Accounting Standards Board issued new lease guidance to provide greater transparency and disclosure around companies’ lease portfolios, and the new standard significantly changes the accounting for certain leases compared to the old standard. There are many technical details that companies need to work through, and the post below provides a high-level overview of the key issues and steps to consider for your business.
Topics: Takeaways, brixey and meyer, Tax, Tax Team, Tax updates, meal deduction, New Year, Business Meal Expense
The IRS issued the 2022 optional standard mileage rates which are used to calculate the deductible costs of operating an automobile for business purposes, charitable purposes, medical purposes or moving purposes.
Topics: Takeaways, brixey and meyer, Tax, Tax Team, Tax updates, New Year, Mileage
This has obviously been anything but an ordinary year and it appears the Build Back Better Act will not be signed by December 31st. Any proposed legislation will most likely be effective beginning January 1, 2022. In 2021, Congress did pass the Infrastructure Investment and Jobs Act to spur the economy and help with our federal highways, highway safety programs, transit and other purposes. However, this bill had minimal income tax consequences.
Topics: Takeaways, brixey and meyer, Tax, Tax Team, Tax updates, 2021, 2022 Tax Planning
The IRS has announced that the amount individuals can contribute to their 401(k) plans in 2022 has increased to $20,500, up from $19,500 for 2021 and 2020. The IRS also issued technical guidance regarding all of the cost‑of‑living adjustments affecting dollar limitations for pension plans and other retirement-related items for tax year 2022.
Topics: ohio, Tax, Tax Team, Tax updates, IRS, Retirement Plan, Retirement, 2022 Tax Planning, 2022 Retirement Planning
Tax Rate Update
Ohio individuals will experience a tax rate decrease that is retroactive to January 1, 2021.
Topics: Tax Planning, ohio, Tax, Tax Team, Tax updates, Sales Tax, Income Tax
The Biden Administration’s American Families Plan and other tax proposals may complicate the tax landscape for high-income earners. Many of the proposals target taxpayers earning more than $400,000 per year.
Topics: Tax Planning, ohio, Tax, Tax Team, Tax updates, workplace productivity, meal deduction, Management, Deductions, Workplace Culture, Tax Increases, Biden Administration
This has obviously been anything but an ordinary year and tax guidance has been issued to provide some relief. In 2020, Congress passed the CARES Acts, in response to the pandemic, and many of these provisions will help mitigate the financial impact of the disease, which should be considered as part of your yearend planning to take advantage of them and the effects of the Secure Act to decrease 2020 income tax liabilities for individuals and businesses. Many of these provisions are quite complicated and probably require the expertise of our tax professionals, but there are steps which can be taken prior to yearend to minimize your tax liability.
Topics: Takeaways, brixey and meyer, Tax, Tax Team, Tax updates
Get prepared for 2021! Check out the cost of living adjustments and see how you will be affected.
Topics: ohio, year-end planning, Tax, Tax Team, Tax updates, workplace productivity, Management, New Year, 2021